Forgemasters' record investment
金曜日, 11 12月 2009
Capital investment by Sheffield Forgemasters has been the highest on record at £14.4 million, despite the global financial crisis.
The Sheffield-based firm's investment this year is more than double the last year's investment of £5.9 million.
The company has invested in two major projects including a new 4,000 tonne press and the development of a new machine shop.
Both the investments were aimed at strengthening Forgemasters' ability to service key markets.
While the press is due to be launched this month, the machine shop, which will be introduced on a phased basis, is expected to be fully commissioned by the end of May.
With the development of the new machine shop, the firms' dependency on sub-contractors is expected to be substantially reduced and its performance is expected to increase.
Tony Pedder, chairman of Forgemasters, said: "It is during more difficult times that the strength of the group is put to the greatest test.
Stating that the firm has kept up with its "strategy of maintenance spend and capital for plant modernisation", he added: "Last year's capital investment programme was the highest ever recorded."
Forgemasters has defied the effects of the recession by posting turnover of £117.3 million against £114.7 million the previous year.
Copyright © Press Association 2009